Guernsey Financial Services Commission issues notice amending details for ISIL and Al-Qaida sanctions designees

The Guernsey Financial Services Commission published a sanctions notice advising that amendments have been made to the details of 12 persons/entities designated under the UK ISIL (Da’esh) and Al-Qaida (Sanctions) (EU Exit) Regulations 2019, as given effect in the Bailiwick of Guernsey. The listed designees remain subject to an asset freeze and continue to appear on the consolidated list. Firms are required to check for any accounts or other relationships with the named designees or any other designated persons, and to treat as frozen with immediate effect any relevant funds, assets or economic resources directly or indirectly owned, held or controlled by them, including assets held jointly, derived property (such as interest or dividends), and assets held by persons acting on their behalf or at their direction. Any findings must be reported immediately to the States of Guernsey Policy & Resources Committee and firms must comply with reporting obligations under section 14 of the Sanctions (Bailiwick of Guernsey) Law, 2018; firms must also refrain from making funds or economic resources available to designated persons or entities they own or control unless a permitted derogation applies or a licence has been issued by the Policy & Resources Committee. Where an affected relationship is identified, firms should also notify the Commission and, under Handbook Rule 12.37, provide a report setting out at least the relevant customer/beneficial owner/key principal or linked transaction/asset and the nature of the relationship or transaction, including transaction and/or asset value, as soon as reasonably practicable after meeting the statutory reporting requirements to the Policy & Resources Committee.